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Lagarde says China must reform economy and yuan

Ms Lagarde's suggestions chime closely with the Chinese government's own economic policy agenda at the moment. The country has made good progress towards reducing its dependence on exports, but the economy is overly dependent on investment.

It is notable that Ms Lagarde did not dwell on the question of the reniminbi's value, which has in the past been a focus for botht he IMF. This suggests that the Fund is, like the markets, coming round to the view that the currency is now at least approaching a fair value.